Marine pumps are ok if it can stand the heat. If you wanna do it, do it right the first time and it ain't no fun with water sloshing everywhere believe me. The oil-cooler acting as the heat exchanger will never cut it because it's meant for flowing oil. Using oil cooler will just be a stop gap measure.
I agree that longer piping will contributes to pressure loss and also if it's on an AE101 or 92 GZE, the idling will be everywhere instead of being stable. But then, pressure is one thing efficiency is another. What you lose in pressure, you gain much in colder air if it's a front mount. Power is not being made by psi alone and you gain more by improving on your volumetric efficiency.
W/A intercooler with ice in the reservoir will definitely bring the air below ambient and it's good for drags but if you feel that it's not a hassle of hauling packs of ice everywhere you go, it'll be a good setup. But when the ice melts, you'll be back to square one again. W/A is good for cars with tight spaces, especially on an MR2, and it's also have much more temp stability but I would still prefer a front mount air/air intercooler anytime. I've done it on my car last time around when I was still running an supercharger (SC12) with a smaller pulley.
If you really want to do a comparison, before you go W/A, do a test on pre and post SC temp first. When you've set it up with the W/A, do the test again and you'll see what I mean.
I can try to forward you some links if you want.